Should Where Accrues Most Money Choose an Income-Based Repayment Plan for My Student Loans? These plans, which are designed to reduce loan bills to a manageable percentage of monthly income, can be a huge help to struggling borrowers. Mark Kantrowitz, a financial aid expert and publisher of the scholarship website Cappex. Kantrowitz estimates as many as half of borrowers enrolled in income-driven plans are making payments that are negatively amortized. Why does that matter if the balance on the loan will be forgiven after 20 or 25 years of payments anyway?
It’s possible, and some experts even say likely, that Congress will change the rules within the next 20 years when forgiveness kicks in for the first group of borrowers who are repaying under income-driven plans. On the other hand, for all the borrowers whose income-driven payments do cover their interest—meaning their loan balance is actually decreasing each month—many will pay off their debt years before loan forgiveness would kick in. For those borrowers, income-driven plans simply increase the overall amount they pay, since interest accrues for a longer period of time than with a standard 10-year repayment plan. If your debt is unmanageable with your current income, then income-driven plans can make financial sense, especially if you expect your salary to remain low for the next two decades. The plans also can be helpful in the short-term for someone who’s just starting out, earning a modest salary and trying to pay down high-interest credit card debt. Once you’re more financially stable, you can switch to a plan with a larger monthly payment.
Related: Which Income-Based Repayment Plan Is Best for You? Jessica Ferastoaru, a student loan counselor with Taking Charge America. Under balanced-based plans, your monthly bill is determined by the size of your balance rather than your income. That way you’ll be making payments that you know are reducing your balance. You also won’t have to worry about your payment changing each year with your income.
To be clear: Income-driven plans are much better than deferment or forbearance. With either of those, your debt will keep growing and you won’t have started the clock ticking toward forgiveness. But if you think you’ll be able to pay off your debt in full, then you won’t want to stay in an income-driven plan forever. You’ll only end up paying more overall.
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